DHAKA: Failure to secure European football will cost Manchester United more than £30m.

The club’s executive vice-chairman Ed Woodward has revealed, reports the BBC.

United’s seventh-placed finish was their worst since the 1989-90 season.

Speaking to investors, Woodward also touched on United’s managerial vacancy, saying, ‘We are focused on bringing in a manager. An announcement will be made in due course’.

He added the club was in ‘a healthy position to invest in the squad’.

United’s poor season cost David Moyes his job as manager.

Netherlands coach Louis van Gaal has agreed a three-year contract to replace the Scot, who was sacked in April.

Van Gaal held talks with Ryan Giggs in the Netherlands on Wednesday and is thought to have offered the 40-year-old United player, who took charge of the team for the final few games of the campaign, the role of assistant manager.

The appointment of Van Gaal, 62, is now likely to be at some point after the Dutch play a friendly against Ecuador in Amsterdam on Saturday.

BDST: 1507 HRS, MAY 16, 2014